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Spero Co produced a draft statement of financial position at the year end which showed the owner's equity as 450,000. It was later discovered, however,
Spero Co
produced a draft statement of financial position at the year end which showed the owner's equity as 450,000. It was later discovered, however, that the following transactions, which all occurred on the last day of the financial year, had not been taken into account:
1. | Property, which cost 333,000, had been revalued to385,000. |
2. | Inventories, which cost 23,000, had been sold on credit for28,000. |
3. | The owner withdrew 30,000 in cash. |
4. | A trade receivable paid the amount owing of 38,000 in full. |
What will be the revised figure for owner's equity after the above transactions are taken into account?
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